UPDATE: Sterne Agee Upgrades CH Robinson Worldwide to Buy on Improved Fundamentals

Sterne Agee raised its rating on CH Robinson Worldwide CHRW from Neutral to Buy and increased its price target from $60 to $65. Sterne Agee commented, "Our 2-year bearishness on CHRW may be turning on a weaker truck rate environment and a realization by management that it must use its balance sheet to break out of the truck brokerage box a little more aggressively. We view the recent Phoenix International acquisition as an important step in that direction. At present, we view this as more of a short-term opportunity than a longer-term investment given our broader view of the trucking economy, which could tighten quickly if volume returns." CH Robinson Worldwide closed at $58.58 on Friday.